The North America Fire Protection System Testing, Inspection, and Certification (TIC) Market would witness market growth of 2.6% CAGR during the forecast period (2023-2030).
The adoption of fire protection system TIC services has witnessed steady growth across various sectors and regions due to the increasing recognition of the importance of fire safety and compliance with stringent regulations. Governments and regulatory agencies have put Strict fire safety laws in place, demanding routine testing and inspection of fire protection systems in commercial, industrial, and residential structures. Compliance with these regulations is a primary driver of TIC services.
Moreover, insurance companies often require businesses and property owners to have their fire protection systems tested, inspected, and certified regularly. Compliance with these requirements is essential for obtaining and maintaining insurance coverage. The growing awareness of fire risks and their potentially devastating consequences has increased demand for TIC services. Businesses and individuals are keen to mitigate these risks effectively. Property owners and facility managers are increasingly aware of their liability in the event of a fire-related incident. Regular TIC services provide assurance and reduce potential legal liabilities. Properties with certified and well-maintained fire protection systems often command higher resale or rental values. This financial incentive encourages property owners to invest in TIC services.
According to Statistics Canada, in July 2023, investment in the industrial component increased 0.6% to $1.2 billion, while commercial investment edged up 0.3% to $3.3 billion. Institutional construction investment rose by 1.2% to $1.5 billion. These factors will help in driving the expansion of the market in the North America region.
The US market dominated the North America Fire Protection System Testing, Inspection, and Certification (TIC) Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $169,633.1 Thousands by 2030. The Canada market is experiencing a CAGR of 4.9% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 4% during (2023 - 2030).
Based on Application, the market is segmented into Industrial & Manufacturing, Supply Chain & Logistics, Mining, Energy & Power, Data Centre, Medical & Healthcare, Construction & Infrastructure, Agriculture & Food, Petroleum, Oil & Gas, and Others. Based on Service Type, the market is segmented into Testing, Inspection, and Certification. Based on System Type, the market is segmented into Fire Detection System, Sprinkler System, Fire Alarm Devices, Card Access Systems, Fire Suppression System, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Fire Protection System Testing, Inspection, and Certification (TIC) Market is Predict to reach $687.5 Million by 2030, at a CAGR of 3.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SGS S.A., Bureau Veritas S.A., TUV SUD, TÜV Rheinland AG, Intertek Group PLC, Eurofins Scientific SE, Applus+ Group, TÜV Nord Group, Kiwa NV (SHV Holdings N.V.), and UL LLC.
By Application
By Service Type
By System Type
By Country
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